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When to file tax return?
Old 01-27-2019, 01:54 PM   #1
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When to file tax return?

I am using H&R Block software and all sources of income have reported. No standard deduction issues. Nothing complex. I printed my return and exhibits, caught an entry error, re-printed and reviewed. I am ready to go.

Should I?
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Old 01-27-2019, 01:56 PM   #2
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I'd say that depends on whether you will get a refund or have to pay. Refund - file now; pay - file in April.
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Old 01-27-2019, 01:57 PM   #3
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They have a scheduled update on Thursday, Jan 31. I would wait for that.

I am.
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Old 01-27-2019, 02:01 PM   #4
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Don't know why not.

The IRS generally doesn't start processing returns until near the end of January and the shutdown will almost certainly delay the start this year. However, the sooner you file the less likely someone else will be able to file a fraudulent return using your identity.
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Old 01-27-2019, 02:04 PM   #5
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Note the IRS isn't scheduled to accept E-file returns until:
9 a.m. Eastern on January 28, 2019.

As such, even if you e-file now with HR block, your data will be just sitting in their system awaiting the opening of the IRS MEF system.

ref: https://www.irs.gov/e-file-providers...ef-status-page

Quote:
Filing Season Start Dates:
Electronic filing:

The IRS is now accepting business tax returns.
The IRS will begin accepting all Individual tax returns at 9 a.m. Eastern on January 28, 2019.
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Old 01-27-2019, 03:43 PM   #6
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Our TaxAide software is very buggy. If you don't have a pressing need to file early, I'd wait. Normally things calm down after February. I file in October.
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Old 01-27-2019, 03:46 PM   #7
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We file right before the 4/15 deadline, as we have always owed. I would file today if I were ready, and due a refund.
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Old 01-27-2019, 03:59 PM   #8
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If you have to pay, you can do it by direct deduction from a checking account. They let you schedule the pay date. By doing that, you can file now, pay later.

I thought there were strong recommendations to file as soon as you can, to avoid some scammer filing in your name, and claiming a big refund?

Is that no longer a thing?
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Old 01-27-2019, 04:02 PM   #9
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Used Turbo Tax basic. Due a small refund so e-filed last week.
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Old 01-27-2019, 04:10 PM   #10
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I don't know how people get all their tax data so early to file. Some funds of mine aren't reporting till Feb. 15.
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Old 01-27-2019, 04:25 PM   #11
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Originally Posted by gerntz View Post
I don't know how people get all their tax data so early to file. Some funds of mine aren't reporting till Feb. 15.

Same here-I was told by Fido that one of the funds data would not be available until med Feb.
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Old 01-27-2019, 04:43 PM   #12
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Quote:
Originally Posted by ERD50 View Post


I thought there were strong recommendations to file as soon as you can, to avoid some scammer filing in your name, and claiming a big refund?

Is that no longer a thing?
-ERD50


Last year I received a letter from a California IRS office that someone in California had used my SS for employment reasons. They didn't say whether or not fraud was intended, but they put an alert on my file. I also alerted the local police... just in case whoever it is using my SS has outstanding warrants.

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Old 01-27-2019, 04:44 PM   #13
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I finished mine with H&R Block this week but will wait since I have to pay and I see another federal update is coming Feb. 5th.
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Old 01-27-2019, 04:45 PM   #14
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I don't know how people get all their tax data so early to file. Some funds of mine aren't reporting till Feb. 15.
You probably have 'brokerage accounts', which had their deadline to report moved back to Feb 15 about 10 or so years ago.

If you stick to earned income, retirment accounts, stocks / bonds / bank accounts / mutual funds that are held outside of a brokerage account. then the 1099's all need to be reported by Jan 31.

This was one of the reasons that I never gave up my Vanguard legacy mutual fund (aka non-brokerage) account despite their nagging me to do so.

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Old 01-27-2019, 04:55 PM   #15
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File in October. I always get an extension. I don't care if a scammer gets my refund by identity theft because it is not my problem -- it is a problem for the IRS.

I am surprised that the IRS doesn't have rolling deadlines based on SSN or something. If the IRS did that, then there would be no particular rush and maybe they could have fewer employees since some of the workload would be spread year-round.
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Old 01-27-2019, 05:09 PM   #16
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Originally Posted by gerntz View Post
I don't know how people get all their tax data so early to file. Some funds of mine aren't reporting till Feb. 15.
Same here. Just got word that Fidelity 1099 is ready, but Schwab 1099, as usual, won't be ready until Feb. 16th.
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Old 01-27-2019, 05:15 PM   #17
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With the shutdown just ending, I'd wait until mid Feb to let things settle down as for sure there will be some adjustments to the code.
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Old 01-27-2019, 05:18 PM   #18
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I am surprised that the IRS doesn't have rolling deadlines based on SSN or something. If the IRS did that, then there would be no particular rush and maybe they could have fewer employees since some of the workload would be spread year-round.
That wouldn't be fair. Some people would have to file relatively soon based on the luck of the draw of their SSN while others would get more time?
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Old 01-27-2019, 05:28 PM   #19
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Quote:
Originally Posted by gauss View Post
You probably have 'brokerage accounts', which had their deadline to report moved back to Feb 15 about 10 or so years ago.

If you stick to earned income, retirment accounts, stocks / bonds / bank accounts / mutual funds that are held outside of a brokerage account. then the 1099's all need to be reported by Jan 31.

This was one of the reasons that I never gave up my Vanguard legacy mutual fund (aka non-brokerage) account despite their nagging me to do so.

-gauss
That's still p*ssing me off, VG telling me there would be no effect but now telling me I get my tax info a couple weeks later.
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Old 01-27-2019, 05:31 PM   #20
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Both Fed and State owe me this year but I will wait for the next software update. If my tax software wants to charge me $ to e-file my State return (as they did last year) then I will kill trees.
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